Hero MotoCorp (HMCL) Q1FY20 EBITDA margin was higher than our and consensus estimates. EBITDA margin for the quarter stood at 14.4% vs our and consensus estimates of 13.4% and 14.1% respectively. We expect weaker consumer sentiment, higher inventory, competitive intensity and tight liquidity conditions to put pressure on HMCL's volume growth. We factor slowdown in H1FY20 and cut our FY20/21 volume estimates by 8% each. We cut our revenue/earnings estimates by 9%/6% and 10%/12% for FY20/FY21...